2020 is a year of change. With the hardships brought on by the Coronavirus pandemic and many of us working from home, it’s a great idea to reflect on your own workspace and consider launching that business you’ve always dreamed of. There are some fantastic opportunities across multiple spaces just waiting for you to crack into. Here is a list of the best businesses you can start in 2020.
Make a career in writing.
Blogging is a fantastic way to do what you love and get paid for it. There are an estimated 500 million blogs out there, however, the majority don’t post much, and as such, don’t earn much. Blogging can be incredibly lucrative, but it can also be the opposite. Becoming a writer is a lot of what you make of it. It requires a talented eye for detail and a propensity for being prolific.
In order to make it in the blogging world, you have to write a lot, but you also have to create content that your readers will want to come back for. Creating lots of junk or a little gold won’t do it — you have to find the sweet spot in which you can consistently produce high-quality pieces that your viewers want to read and share with their friends and colleagues.
Try your hand at reselling.
Buying pallets from a liquidation center and offloading the goods is another great way to build an income from the comfort of your home office. Amazon, eBay, and other outlets for sales allow for third party selling to be conducted through their platform, connecting millions of buyers every day with the sellers that have the products they are looking for. Looking for EZstorit space and reselling merchandise from larger retailers is a great way to turn a major profit in a very short time span. It’s a great business model for those with the drive to succeed.
Get into real estate.
The real estate market is another fantastic opportunity to turn an idea into serious cash. Flipping homes has been a winner for many Americans for years, and it could be your next great business venture too. These opportunities can also be leveraged as investments for long-term portfolio growth. However, in the short term, buying and reselling homes can generate a steady stream of income that can replace the old salary you were drawing from your lackluster corporate desk job. Flipping homes gets the blood pumped with new challenges to solve on a daily basis. One home might need a kitchen remodel while another could challenge you to knock down some walls or rebuild the garden in order to attract new buyers. Every day is unique in the real estate business.
Make sure you employ robust strategies for success.
Not only will you need to find your next business venture in order to branch out on your own, but it’s also important to understand the key to success in whatever business you end up in. Utilizing an Objectives and Key Results framework — or OKR, popularized by John Doerr — in order to keep your venture on track is a great way to measure and chase after success at all stages of the business process. This requires the identification of long-term objectives which can be in the form of sales figures, profit margins, or aggregate customer numbers.
After you have come up with a few long term goals, it’s then time to engage with the second feature of the OKR process — creating three to five key results that act as milestones toward the overall goal you’ve set. The OKR process is a powerful goal-setting framework that helps you identify top priorities and implement best practices to ensure that you achieve them. Making sure you keep your eye on the prize is a recipe for success.
Approach your next venture with your eyes open. Pick an opportunity that suits your needs and stokes your imagination in order to find real joy in your new workplace.